The Cyprus Government recently introduced its revised policy aiming to encourage businesses to consider Cyprus as a regional headquarter, a place to do business in and out of.

Employment of Third Country Nationals in Cyprus

One of the most important new developments is the introduction of a new policy for the employment of Third Country (Non-EU) nationals.

Here’s what you need to know:

• Companies that meet the eligibility requirements may employ up to 70% of their employees from Third Countries (Non-EU) without the approval of the Ministry of Labour.
• Eligible companies are Cyprus Companies where the majority of their share capital is owned by Third-Country Nationals.
• This scheme may be utilized by both existing and newly established businesses.

Companies should have an office in Cyprus and be up-to-date with their tax, compliance and regulatory filing obligations.

The minimum gross monthly salary is set at €2,500 and the employee should have a contract of employment with the Cyprus Company for a period of at least 2 years.

Family Reunification: Family members of an employee employed under this scheme may also join him/her in Cyprus, with spouses having immediate and free access to the labour market.

EU Nationals: The above policy relates to Third Country Nationals. This doesn’t affect the regime applicable to EU Nationals and their families, who may freely move, work and live in Cyprus. EU nationals also need to register and contribute to the Social Insurance and General Health Systems in Cyprus and register with the Immigration Department.

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